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Perpetuals.com Ltd is a financial technology company specializing in software solutions that integrate traditional financial markets with blockchain-based crypto markets. Founded in 2018 and headquartered in Tokyo, Japan, it resulted from the acquisition and rebranding of Earlyworks Co., Ltd. following its purchase of Perpetual Markets Ltd. The company's core product, Kronos X, powers regulated trading venues with 24/7 self-clearing and blockchain settlement technology, supporting high-speed performance up to 500,000 orders per second and sub-50μs latency. Operating through its Cyprus-registered subsidiary PM MTF Ltd., which holds a MiFID II Multilateral Trading Facility license from CySEC, Perpetuals.com Ltd emphasizes capital efficiency, resilience, and compliance with features like segregated assets, KYC standards, and decentralized systems. It offers cash-settled derivatives including perpetuals, swaps, options, and futures on crypto, equities, and commodities, alongside innovative tokenized products like pre-IPO contracts. Targeting the vast $846 trillion global derivatives market, the firm leverages proprietary machine-learning for product development and plans European MTF launches and new prediction markets in 2026, serving sophisticated institutional and retail clients worldwide.
$3.57
+$0.04 (+1.13%)
EOD Jul 17, 2026
The business is unprofitable at the operating level (-55.54% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 145.5% YoY with margins expanding 157.2pp.
Negative free cash flow of -¥224M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
¥440M
▲ +145.5% YoY
Net Income (TTM)
-¥257M
▲ +23.6% YoY
Op. Margin
-55.54%
▲ +157.2pp YoY
ROIC
-60.78%
▲ +5.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-¥224M
▲ +43.2% YoY
Op. Cash Flow (TTM)
-¥206M
▲ +41.5% YoY
Net Debt
-¥53M
Net Cash Position
Cash & Equiv.
¥104M
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Perpetuals.com (PDC)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Perpetuals.com scores 40/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full . This is analysis, not investment advice.
Perpetuals.com scores 40 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a -55.5% operating margin and a -60.8% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. you should weigh PDC's valuation and scores 40/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.